Definitions "M" Flashcards
Macro Project
A project that takes more than 2,000 hours of implementation and/or more than $250,000 to complete. 30% of the project time is allotted to project planning.
Management by Projects
This approach characterizes organizations that manage their operations as projects. These project-centric entities can manage any level of their work as a project. They apply general business skills to each project to determine its value, efficiency, and ultimately, return on investment.
Management by Walking Around
A method to manage quality and to allow yourself to be seen. Get out of the office and get into the working environment. The project manager doesn’t have to hover around the team members, but let them know the project manager is available, present, and interested in their work.
Management Reserve
An artificial task that is added at the end of a project. The time allotted to the reserve is typically 10-15 percent of the total amount of time to complete all the tasks in a project. When a task runs over its allotted time, the overruns applied to the management reserve at the end of the critical path rather than to each lagging task.
Management Summary Reports
Detail the overall status of the project, changes from the original plan, change in execution, or cost variances within the budget. These reports are created on an as-needed basis and are ideal for upper management.
Managerial Constraints
Dependency relationships imposed because of a decision by management, which includes the project manager.
Mandatory Dependency
The logical relationship between activities based on the type of work. Ex: Foundation needs to be in place before framing can begin. Also known as hard logic.
Maslow’s Hierarchy or Needs
A theory that states that there are five layers of needs for all humans: Physiological, safety, social, esteem, and self-actualization.
Master Service Agreement
An agreement between two parties that servers as a framework of what the overall terms and conditions will be. This allows the parties to get to work and quickly create contracts for future endeavors under the master service agreement. It is a type of umbrella agreement that provides the terms and conditions for future work.
Matrix Structures
A type of organizational structure. There are three matrix structures: weak, balanced, and strong. The different structures are reflective of the project managers authority in relation to the functional managers authority.
McClellands Theory of Needs
This theory is also known as the Three Needs Theory, because there are just three needs for each individual and one need is considered the driving motivation behind the actions people take. Depending on the person’s experiences, the order and magnitude of each need shifts the need for achievement, the need for affiliation, and the need for power.
McGregor’s Theory X and Theory Y
This theory states that X people are lazy, don’t want to work, and need to be micromanaged, whereas Y people are self-led, motivated, and strive to succeed.
Medium
As part of the communications model, this is the pat the message takes from the sender to the receiver. The modality in which the communication travels typically refers to an electronic model, such as email or a cell phone.
Meeting Coordinator
An individual who runs the business of a meeting to keep the topics on schedule and according to the agenda.
Meeting Minuets
A document that represents a record of a meeting, the problems and situation s that were discussed, and documentation of the project as it progresses. Meeting minutes are an excellent method for keeping the team aware of what as already been discussed and settled, resolutions of problems, and proof of the attendees in the meeting.
